Cash account was credited with N500,000 and capital account was debited with N500,000
Bank account was debited with N500,000 and capital account was credited with N500,000
Bank account was accredited with N500,000
Mr. diamond acount was debited with N500,000 and the cheque account was credited with N500,000
Correct answer is B
No explanation has been provided for this answer.
Which of the following transaction is BEST recorded in the general journal?
Payment of rent with cheque
Purchase of stock with cash
Purchase of an asset on credit terms
Transfer of cash from head office branch
Correct answer is D
No explanation has been provided for this answer.
N19,650
N18,650
N17,850
N16,850
Correct answer is B
No explanation has been provided for this answer.
Which of the following accounting records are source documents?
Journal and ledgers
Sales invoice and cash book
Cash book and debit note
Sales invoice and debit note
Correct answer is D
No explanation has been provided for this answer.
An effective accounting system should provide information
On new product and methods
For customer feed back and requirement
On internal and external reporting for managers and third parties
For promoters, directors, labour union and distributors
Correct answer is C
No explanation has been provided for this answer.